VAT or ST applied for renting a product
This query is : Resolved
26 April 2011
Hi,
When a product can be (1) sold for outright purchase or (2) billed prorated for usage (i.e like renting....). What taxation shall this be considered for. Whether VAT is applicatble on the later part of instance or Service tax.
Kindly suggest.
Regards
Pushparaj. A
When a product can be (1) sold for outright purchase or (2) billed prorated for usage (i.e like renting....). What taxation shall this be considered for. Whether VAT is applicatble on the later part of instance or Service tax.
Kindly suggest.
Regards
Pushparaj. A
26 April 2011
1) If a tangible goods is sold out by raising an invoice, VAT alone attracts.
2) If a tangible goods is let out otherwise than on an invoice, then VAT attracts being "right to use" is a deemed sale. So also service tax attracts under the head "Supply of tangible goods service".
2) If a tangible goods is let out otherwise than on an invoice, then VAT attracts being "right to use" is a deemed sale. So also service tax attracts under the head "Supply of tangible goods service".
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